One indicator signals whale selling pressure is increasing for Bitcoin with the price action being choppy and the fresh all-time high of $24,200 being rapidly sold as we reported in the recent bitcoin news.
The whales and large investors forced the price down to new lows of $22,000 before the selloff reversed. At the same time, the cryptocurrency was consolidating and saw multiple movements in both directions which have done little to provide insight into the near-term outlook. It still faces a lot of hurdles before it can form a new leg higher with the bears lacing more resistance over the lower $24,000 region which has yet to be retested in the time following the initial rejection. One indicator signals whale selling pressure is growing and BTC will likely stagnate for quite some time which is usually a sign of even bigger selling pressure that is imminent.
The prominent on-chain analyst spoke about this trend explaining that there’s a risk of more selloff and that the massive amount of organic purchase pressure could be enough to absorb it all. Bitcoin saw a stronger overnight upswing from its recent lows and the bulls were able to post some serious follow-through in the time since it dropped to lows of ,000 after the rejection of the ,000 region.
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where will BTC trend in the near-term depends on whether or not the bulls are able to break above $24,000 and flip into support. The fact that each move higher as BTC nears this region is being met with more resistance is not a good sign.
The CEO of CryptoQuant explained in a recent tweet that the whale inflow into exchanges coupled with increased trading activity seems to suggest that these bigger BTC holders are taking profits off the table:
“I aware of the dumping risk as whales are active on exchanges, but I’m not short on BTC since the buying power is so strong now. I punt long with low leverage. When this indicator hits 2 BTC, it is likely to be sideways or bearish. It always has been sideways since November.”
The upcoming few days should give us some more insight on how influential whales will be on the crypto’s price in the days to come.
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